12 Business Tips Every Entrepreneur Should Know

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The biggest problem founders and small business owners have is that they quickly jump to conclusions that they have what it takes to run a successful business. But behaving like a novice that is ready to learn, is what it really takes to effectively run a business. That’s what usually trips them up, sooner or later. Don’t let that happen to you. Admit that you don’t know what you don’t know about business, starting with these tips is guaranteed to help keep you and your company out of hot water. Some are straightforward, others are counterintuitive, but they’re all true. And some day they’ll save your business.

Always make sure you have enough savings in the bank.
The most common business-failure mode, hands down, is running out of cash. If you know you’ve got a cash flow or liquidity problem coming up, fix it now. 

Take care of your productive/performing Staffs.
This goes for every company, big and small. The cost of losing a star employee is enormous, yet business leaders rarely take the time to ensure their top performers are properly motivated, challenged, and compensated.

You can’t just fire bad employees just like that
You just can’t. Just make sure you know they’re the problem, not you (see next tip).

The problem is probably you.
You really need to check yourself to see if you are not the one running down your business. Check your rules/policies to see if you should do some adjustments. Check your pay, if it is not too much and affecting the business etc

Learn to say "yes" and "no" a lot:
The two most important words business owners and founders have at their disposal are “yes” and “no.” Learn to say them a lot. And that means being decisive. The most important reason to focus – to be clear on what your company does – is to be clear on all the things it doesn’t do.

Value and listen to your customers:
It boggles my mind how little most entrepreneurs value their customers when, not only are their feedback and input among the most critical information they will ever learn, but their repeat business is the easiest business to get.

Learn two words: Meritocracy and Nepotism:
The first is how you run an organization – by recognizing, rewarding, and compensating based solely on ability and achievement. The second is how you don’t run an organization – by playing favourites and being biased.

Trust your Instinct:
This phrase is often repeated but rarely understood. It means that your own instincts are an extremely valuable decision-making tool. Too often we end up saying in retrospect and with regret, “Damn, I knew that was a bad idea.” But the key is to know how to access your instincts. Just sit, be quiet, and listen to yourself.

You don’t know what you don’t know:
Humility is a powerful trait for leaders, and that goes for new business owners, veteran CEOs of Fortune 500 companies, and everyone in between. More times than not, you will come to regret thinking you knew all the answers.

Learn to read and write effective agreements:
You know the expression “good fences make good neighbours?” It’s the same in business. The more effective your agreements are, the better your business relationships will be.
 
Run your business like a business:
 Too many entrepreneurs run their business like an extension of their personal finances. This is a very bad idea. Construct the right business entity and keep it a separate entity from your personal life.

Know your finances inside and out:
If you don’t know your revenues, expenses, capital requirements, profits (gross and net), debt, cash flow, and effective tax rate – among other things – you’re asking for a very big trouble.

Behind every failed company are dysfunctional, delusional, or incompetent business leaders. The irony is, none of them had the slightest idea of how to run a business successfully and effectively. And the sad thing is that, most of them still don’t. So please don't end up like one of them. Make research and findings, do a thorough and comprehensive study of what your business entails, its do’s and don’ts etc. Knowledge is a key factor..

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